Cost Allowability 101 - Using OMB's New Award Cost Principles
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Webinar • Tuesday, April 3, 2018 • 2:00-4:00 p.m. ET

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$249.00 Cost Allowability 101 - Using OMB's New Award Cost Principles (2018) - CD Only
Webinar Details

Subject: Post-award

Prerequisites: Some knowledge of federal grant management and audit requirements is helpful

Recommended Field of Study: Specialized Knowledge and Applications, Auditing (including Government Auditing)

Program Knowledge Level: Basic

One of the biggest changes that the U.S. Office of Management and Budget (OMB) made when it concluded its recent federal grant reform initiative was issuance of a single set of cost principles that now govern all grant expenditures by governmental units, higher education institutions and nonprofit organizations. Tucked into what has been called the “Super Circular,” the new principles consolidate three previous cost policy documents that addressed those major sectors of the recipient and subrecipient communities.

The consolidation would be significant enough on its own, but the substance of many cost allowability determinations has been changed in ways that loosen some and tighten others. What has not changed, though, is that the principles remain just that — a set of principles to be applied to the facts and circumstances surrounding the incurrence of costs claimed on federal awards.

In a nutshell, they are still subject to interpretation. Since the cost principles are a set of tools that is used in budgeting, administration and settlement of awards, it is essential that top managers, finance professionals, program officials and independent auditors understand them now.

This webinar will deliver an in-depth, practical examination of the cost principles that will help everyone in your organization that touches a federal grant, cooperative agreement or subaward. You will learn:

  • What a formal “cost policy statement is, and how it is used
  • How the new principles revise and re-package longstanding general tests of cost allowability
  • What they say about the distinction between direct and indirect costs
  • Which principles have new names, and why that’s important
  • What allowability changes affect the “big ticket” costs that are significant in most grant budgets
  • What new documentation instructions cover time and effort reporting, and indirect cost recovery
  • How the cost principles will continue to affect fixed-amount awards and subawards
  • Which troublesome previous policies have — thankfully — been dropped
  • How key terms like “prior approval” and “advance understanding” now interrelate
  • What old audit vulnerabilities remain, and what new ones have been created

By the way, the new principles state simply, “The cost of training and education for employee development is allowable” (2 CFR 200.472).

Join Bob Lloyd, principal of Federal Fund Management Advisor™ and a respected authority on federal grants management policies, for this clear in-depth session. 

Who Should Attend?

  • Grant and contract managers
  • Sponsored projects administrators
  • Executives
  • Finance directors
  • Purchasing agents
  • Procurement directors
  • Human resources professionals
  • Federal program managers
  • Principal investigators
  • Accounting staff
  • Internal auditors
  • External auditors

Hand-out Materials:

Attendees will receive presentation slides as well as access to background materials.

Allowable Charges

The costs of webinars sponsored by Federal Fund Management Advisor™ are allowable charges to your federal grants and subgrants. The cost principles issued by OMB under its uniform guidance (and applicable to all types of awardees) state, “The cost of training and education for employee development is allowable” (2 CFR 200.472).

Attend this Live Webinar and Earn up to 1.5 CPE Credits

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Finally! A practical guide to grants management.

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This comprehensive resource blends age-old conventional wisdom with the historic changes in OMB’s uniform guidance. You'll benefit from the advice of experts on time and effort reporting, procurement under grants, direct charging certain costs, single audit preparations, subrecipient monitoring and much more. The 500+ page softbound book is a valuable management guide, compliance document and training tool for busy grants managers, program directors, financial officers and auditors at nonprofit organizations, educational institutions, and state and local governments.

This valuable resource will help you and your grants management team:

  • Understand the differences between direct and indirect costs
  • Make the subrecipient vs. contractor determination
  • Realize the full impact of OMB’s emphasis on internal controls
  • Understand which familiar elements of time and effort reporting have been retained in the uniform guidance ... and which are new
  • Know the nuances of requirements for subrecipient assessment and monitoring
  • Understand contract clauses in agreements for procurement under grants
  • Apply the general tests of allowability
  • Understand special issues confronting pass-through entities contracting with foreign organizations
  • Know which clauses flow down when crafting a subaward
  • Understand what is meant by a 10% de minimis indirect cost rate
  • Audit the vulnerabilities in your grants management operation
  • Understand what is meant by audit "resolution"
    ...and much more

A Practical Guide to Federal Grants Management is the best insurance policy there is for limiting your organization’s risk of disallowed costs, loss of federal funding and public relations nightmares. Add it to your order today!

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